Figure 1: PSE Index Chart
Last week our index continued to correct just like what we have anticipated, but even so something has caught my attention. The index seems to be able to find some major support along the 23.6% Fibonacci retracement and the 200 moving average line. My take for this coming week is that our index will try to pullback towards 4392 to correct the current oversold condition of the market. Key support to watch will be 4230 while critical support will be the 4130. I need to see also some positive change with regards to its present downward momentum to give us some glimmer of hope for the possibility of another rally.
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